British Columbia Railway seeks bulk marine terminal operator (5/22/2006)
5/22/2024In 2004, British Columbia Railway Co. (BCRC) found an operator for its freight railroad. Now, BCRC is seeking a long-term operator for its bulk marine terminal Vancouver Wharves in North Vancouver, B.C.
The company hired CIBC World Markets as financial advisor and prepared a summary outlining Vancouver Wharves’ key objectives for the next 25 years to kick-start the search process. BCRC officials expect to receive initial proposals in July and finalize an agreement by year end.
“Entering into a long term operating arrangement with the right partner will allow us to realize the facility’s full potential while still retaining public ownership of the asset,” said BCRC President and Chief Executive Officer Kevin Mahoney in a prepared statement.
In July 2004, BCRC sold its shares in BC Rail Ltd. to Canadian National Railway Co., which leased BC Rail’s 1,400-mile right-of-way, roadbed and track infrastructure. BCRC continues to own BC Rail’s non-railway-related real estate and other assets.
Source: Progressive Railroading Daily News